EBPP: clearing the murky waters

Practitioners in the billing and payments industry have long been aware that the end-to-end billing and payment process continues to be a source of potential improvement for companies. To begin with, generating a bill, invoice or statement and ensuring payment involves a vast array of business and technology processes and typically adds a significant amount of customer service overhead in the way of bill queries, payment reminders and collection procedures. Steve Wright, chairman of the payments initiative at CheckFree, explains.

Steve Wright, Chairman, Payments Initiative, Global Billing Association & Director, Global Marketing, CheckFree.

Inside these processes and overheads there are challenges surrounding invoice accuracy, the resolution of disputed items, varying bill distribution and debt collection methodologies and the accurate measurement of days sales outstanding (DSO). From the day an invoice is prepared to the day payment is finally received, there are a range of potential process breaking points. These process breaking points can have a direct effect on a company’s bottom line, affecting rates of operational cashflow, operational overheads, debt recovery costs and customer servicing levels.